Marketing Revision (add your own notes to these)

Marketing mix (4 Ps)


Price -
Cost plus

Penetration (existing markets)

Skimming (new market)

Discriminatory

Place -
Direct

Indirect

Product

Branding

Packaging

Promotion -

Advertise

TV
Radio
Newspapers
Billboards



Sales Promotions

Competitions
2 for 1
Money off




Product life cycle


Think pricing and promotion strategies for each stage of life cycle

Market Research
(Finding out about the market)

Primary (Field research) Research
First hand information

Observation


Surveys(questionnaires)


Interviews



Advantages Disadvantages










Secondary (Desk research) Research
Second hand information

Published statistics

Market research companies

Newspaper surveys



Advantages Disadvantages












Market segmentation
(splitting the market in to like groups)

Age
Gender
Socio economic groups




Marketing key points

Make sure that the marketing mix is suitable for the size of the business.

Identify the target group local or national?

Small local businesses use local papers to advertise. Use observations as research and
secondary sources of information

Always use secondary sources of data first and use primary research second because of
the cost and time primary research takes

Pricing use skimming if a brand new product
use penetration if new product into existing market

Place - if needs passing trade use a High Street
Think about an Internet site

Branding - image, colour, logo, name leads to customer loyalty

Packaging protects, gives information

Think about what competitors are doing at different stages of the life cycle.